Litecoin (LTC) mining profitability up until July 12, 2021
electricity consumption during this process, transaction fees or whether the hardware used is efficient or not.
Litecoin mining became more profitable over the course of 2020, and remained on roughly the same level in the early months of 2021. During the mining of cryptocurrencies, a computer is trying to solve complicated logic puzzles to verify transactions in the blockchain. When this process is completed, the miner receives cryptocurrency as a block reward. The underlying dynamic is that machines with more computing power - or hashrate - are likely to solve more puzzles, and therefore mine more cryptocurrencies. Whether a miner can make money with this depends on various costs such as